The Oxford English Dictionary defines strategy as “a plan of action designed to achieve a long-term or overall aim”. Strategies can be traditionally economic, marketing, political or military. The Chief Executive Officer or Chair of a Board will focus on the overall future goals of an organization or charity.
As is often said, “How do you eat an elephant?” One bite at a time. We tend to forget this while strategizing sometimes. For the future goal remains long-term, but we do have to focus on the immediate, short-term, monthly and bi-annual goals that we must implement. It is essential that analysis of financial variances is done regularly so that top management maintains its checks and balances.